Presentation to San Jose State University

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  • PRESENT Our objective is to give you an overview of Protiviti, our history and where we are today, as well as provide you information on our services. ASK Before we get started, I wanted to ask you all, “What are your expectations for this class? What questions do you have about Protiviti?” Acknowledge and accept all responses and flipchart them. SLIDE Here are the objectives of the class: Who is Protiviti? What We Do – Risk Consulting Defined Our Vision, Mission and Core Values Our Accomplishments Our Locations, Our Clients Behind the Enron Scandal The Protiviti Story The Financial Statement Risk Assessment Process Sarbanes-Oxley Overview Our Approach/Methodology FS Prioritization Process Questions and Wrap-Up PRESENT We have quite a bit of information to go through, so let’s get started. 
  • PRESENT Our objective is to give you an overview of Protiviti, our history and where we are today, as well as provide you information on our services. ASK Before we get started, I wanted to ask you all, “What are your expectations for this class? What questions do you have about Protiviti?” Acknowledge and accept all responses and flipchart them. SLIDE Here are the objectives of the class: Who is Protiviti? What We Do – Risk Consulting Defined Our Vision, Mission and Core Values Our Accomplishments Our Locations, Our Clients Behind the Enron Scandal The Protiviti Story The Financial Statement Risk Assessment Process Sarbanes-Oxley Overview Our Approach/Methodology FS Prioritization Process Questions and Wrap-Up PRESENT We have quite a bit of information to go through, so let’s get started. 
  • PRESENT Protiviti is a leading provider of independent risk consulting and internal audit services.
  • PRESENT Not everyone knows what risk consulting is and it can be difficult to explain. ASK Can anyone tell me what they think Protiviti does? Acknowledge all answers. PRESENT Protiviti is a leading provider of independent internal audit and business and technology risk consulting services. We help clients identify, assess and manage operational and technology related risks encountered in their industries, and assist in the implementation of the processes and controls to enable their continued monitoring. We also assist companies with Sarbanes-Oxley and corporate governance compliance, which we will talk more about in the next section. SLIDE Here is the formal definition of risk consulting. We define risk consulting as the discipline of: Identifying, sourcing and measuring risk (What is the risk? What are the causes? Define? How bad is it?) Formulating risk management strategies Designing and implementing capabilities for avoiding, retaining, reducing, transferring and exploiting risk Monitoring risk within acceptable tolerance levels PRESENT Risk does not always have to be avoided, but it definitely needs to be managed. However, businesses do not always have the resources or the expertise to do so effectively. This creates the need for risk consulting services. This is what Protiviti does for our clients; we provide Independent Risk Consulting services. 
  • SLIDE In simple words, we help clients understand their risks and how they can turn them into a competitive advantage. That’s why our motto is Know Risk. Know Reward. PRESENT Now that you have an idea of what Protiviti does, let’s talk about Protiviti’s Vision and Mission. 
  • SLIDE Protiviti’s vision is t o be recognized as the Premier Global Risk Consulting and Internal Audit Service Company. Protiviti’s mission is t o constantly improve how businesses manage risk. We will develop deep competencies in people which enhance their value. We will bring unparalleled expertise to clients in risk management. PRESENT Since our company is one of a kind, we also needed a unique name that represents all that we are. Facilitator to explain how Protiviti came up with their name…. We worked together with a branding company to come up with a unique name. After sifting through all of their suggestions, we were left with seven or eight names that were unique in the market place and would stand out. Some of them turned out to have a very negative meaning in different languages and others just didn’t convey the meaning. To help us decide, the branding company asked us to define what we stand for and what our name should convey. Our main values were professionalism, pro-activity, independence and integrity. Eventually we settled on Protiviti, since this best conveys the values. The unusual spelling with three ‘i’s’ represents independence, which is perhaps the most important concept. PRESENT Let’s review our core values in more detail. 
  • SLIDE Protiviti strives to demonstrate: Professionalism: We always strive to be highly competent, honest, considerate, organized, polished and polite; dedicated to our work and our clients; to always treat others with respect; technically sound and expert in our chosen field. We work hard to create an environment that allows everyone to succeed in their profession and in their personal lives. Productiviti: We get things done and have a bias for action. Though quality is paramount, quantity is important as well. Hard work is part of the process and part of the reward. Proactiviti: We think ahead and offer ideas. We don’t hesitate with our clients. We seek new opportunities to add value, make a difference, meet and exceed client needs. We don’t stop thinking. Objectiviti: We strive to be without bias. We manage by facts and we listen hard. We consider multiple viewpoints before acting or deciding. We call it like it is. Creativiti: Unconstrained but reasoned thinking. Allowing many ideas to surface. Using every inch of our experience to bring new ways of serving. We also realize that there is no one single answer to any one problem, issue or opportunity. Integriti: Truth and honesty are at our core. We believe in doing the right thing even if it may compromise our short-term profitability. We don’t waver from the truth or crater under pressure. We meet our commitments. We are reliable. We are willing to be sufficiently creative and flexible, but always operate under a high morale, ethical and legal standard. PRESENT We combine all of these elements to provide quality service to our clients upon which our reputation is and will continue to be built. 
  • SLIDE Protiviti is the best choice because we combine the strengths of both the Big Four Accounting Firms and Boutique firm alternatives … without compromise. We are passionate about our clients. PRESENT One way that we are different from Boutique firms is that Boutique firms do not have comprehensive methodologies/frameworks as we do. When the Big Four has a conflict situation in risk consulting, they would rather refer business to us because we will not try to steal their audit business as their Big Four competitors would.  Boutique: Responsive client service No limitation on scope of services Independent from attest & tax services Better teaming with external auditor Focus on core offerings Fee flexibility Big Four: Methodologies & tools Experienced professionals Depth of risk consulting services Financial & management stability Recognized Global presence
  • PRESENT At this point, I would like to discuss some of our accomplishments at Protiviti. Since our inception, we at Protiviti have accomplished a great deal. SLIDE Our most recent accomplishments include: Protiviti currently employs more than 2,200 professionals worldwide We have offices in 15 countries Our 2005 worldwide revenues were $479 million. This represents an increase of 36% over 2004 ($352 million in annual revenues). Protiviti's revenues for the nine months ended September 30, 2006, were $392 million. Implementation of a company Intranet, iShare, with cutting-edge knowledge management solution Recognized as a thought leader through our SOA and Internal Audit FAQs We continue to build national alliances and partnerships (Stellant, PeopleSoft, etc.) We continuously develop new training 
  • SLIDE Another major accomplishment was our ability to expand internationally to meet global demand. We currently have 50 offices worldwide with over 2,200 employees. PRESENT We’ve expanded internationally with offices in Canada, France, Italy, United Kingdom, South America, Australia, China, Japan, Korea, and Singapore. We will continue to add new locations, in the Americas and overseas. 
  • SLIDE Here’s a slide that lists just a few of our clients. Our client experience includes organizations across all major industries from global Fortune 500 corporations to small, privately-held local institutions. PRESENT This is a pretty impressive list. As leaders in internal audit and risk consulting services, we are quickly becoming a “new breed” in the world wide consulting arena. Now that you’re familiar with who we are, and what we do, I want to share about our “story,” how we were formed 4 ½ years ago and talk about our parent company Robert Half International.  FACILITATOR NOTE: Elaborate on the clients you are currently working with.
  • SLIDE Protiviti launched in May 2002, with approximately 700 ex-Arthur Andersen employees that had just lost their jobs as a result of the Enron scandal In June 2002, jurors convicted Andersen for obstructing justice by destroying Enron Corp related documents The conviction forced Andersen out of business, as 28,000 employees (two thirds of their workforce) were forced to lose their jobs and the firm was suspended from practicing audit Three years later the Supreme Court overturned the ruling saying Andersen was convicted without proof that its shredding of documents was deliberately intended to undermine the SEC’s investigation of Enron 
  • SLIDE When Protiviti launched in 2002 with only 700 employees, it was the result of an employment agreement between Robert Half International (“RHI”) and Arthur Andersen Protiviti is a wholly-owned subsidiary of RHI (a $3.3 billion dollar public company specializing in staffing) and today employs more than 2,200 professionals in more than 50 offices in the Americas, Asia-Pacific and Europe Protiviti and the RHI divisions refer each other to clients for new business RHI staffs the appropriate contractors to augment Protiviti engagement teams RHI and Protiviti use the same shared services for Accounting, IT, Operations, etc. 
  • SLIDE/ASK What surprised you about what you learned today? Answer all questions. PRESENT We hope that you leave here today with a better understanding of Protiviti and our services. FACILITATOR NOTE: Go through the list of expectations listed on the flipchart to ensure all participant expectations were met. Thank you for your time and attention today. We appreciate your participation! 
  • SLIDE/ASK What surprised you about what you learned today? Answer all questions. PRESENT We hope that you leave here today with a better understanding of Protiviti and our services. FACILITATOR NOTE: Go through the list of expectations listed on the flipchart to ensure all participant expectations were met. Thank you for your time and attention today. We appreciate your participation! 
  • SLIDE/ASK What surprised you about what you learned today? Answer all questions. PRESENT We hope that you leave here today with a better understanding of Protiviti and our services. FACILITATOR NOTE: Go through the list of expectations listed on the flipchart to ensure all participant expectations were met. Thank you for your time and attention today. We appreciate your participation! 

Transcript

  • 1. Presentation to San Jose State University December 7, 2006
  • 2. Presenters
    • Jerry Meyers, TR Senior Manager
    • [email_address]
    • Jagdish Pandey, TR Assoc. Director
    • [email_address]
    • Dina Talerico, IA Senior Manager
    • [email_address]
  • 3. Objectives
    • Who is Protiviti?
      • What We Do – Risk Consulting Defined
      • Our Vision, Mission and Core Values
      • Our Accomplishments
      • Our Locations, Our Clients
      • Behind the Enron Scandal
      • The Protiviti Story
    • The Financial Statement Risk Assessment Process
      • Sarbanes-Oxley Overview
      • Our Approach/Methodology
      • FS Prioritization Process
    • Questions and Wrap-Up
  • 4. Who is Protiviti?
  • 5. Who is Protiviti?
    • Protiviti is a leading provider of independent risk consulting and internal audit services.
  • 6. What We Do - Risk Consulting Defined
    • The discipline of:
    • Identifying, sourcing and measuring risk
    • Formulating risk management strategies
    • Designing and implementing capabilities for avoiding, retaining, reducing, transferring and exploiting risk
    • Monitoring risk within acceptable tolerance levels
  • 7. In Other Words…
    • We help clients understand their risks and how they can turn them into a competitive advantage.
  • 8. Protiviti’s Vision and Mission
    • Vision
      • To be recognized as the Premier Global Risk Consulting and Internal Audit Service Company.
    • Mission
      • To constantly improve how businesses manage risk. We will develop deep competencies in people which enhance their value. We will bring unparalleled expertise to clients in risk management.
  • 9. Protiviti Embodies Our Core Values professionalism product i v i t i proact i v i t i object i v i t i creat i v i t i integr i t i
    • Experienced Professionals with Proven Processes, Methodologies and Tools
    • Focused on Risk Consulting
    • A Driven Organization
    • Independent
    • Financially Strong
    • A Strategic Advantage to Meet Your Resource Needs
    • “ Passionate About our Clients”
    Protiviti core values: We are: quality
  • 10. Why Protiviti?
    • Protiviti fills a unique and valuable position in the market, as depicted below. Protiviti brings a unique blend of knowledge and experience to the table which combines the focus, dedication and independence of a boutique firm, with the methodologies & tools, global presence, and deep skill sets of the Big 4.
    • Boutique:
      • Responsive client service
      • Lack of SEC restrictions
      • Independent from attest & tax services
      • Better teaming with external auditors
      • Focus on core offerings
      • Fee flexibility
    • Big Four:
      • Methodologies & tools
      • Experienced professionals
      • Depth of risk consulting services
      • Financial & management stability
      • Recognized
      • Global presence
    Protiviti combines the strengths of the large consulting companies and independent alternatives…without compromise
  • 11. Accomplishments
    • Growth in the number of Protiviti employees and locations
    • Recent quarterly earnings
    • Implementation of a company Intranet, iShare, with cutting-edge knowledge management solution
    • Recognized as a thought leader through our SOA and Internal Audit FAQs
    • National alliances and partnerships
    • Continued training development initiatives
  • 12. Protiviti Locations Protiviti employs over 2200 professionals in more than 50 locations in North America, Latin America, Europe, Asia and Australia.
  • 13. Protiviti Clients *All logos used with client permission Our client experience includes organizations across all major industries from global Fortune 500 corporations to small, privately-held, local institutions.*
  • 14. Our Practice
    • Our product offerings offer a breadth of internal audit and business and technology risk solutions.
    Business Risk Technology Risk Internal Audit
    • Application Effeteness Solutions
    • Change Management Solutions
    • Continuity Solutions
    • Identity management
    • IT Asset Management Solutions
    • Program Management Solutions
    • Security and Privacy Solutions
    • Audit Committee Advisory
    • IA Technology/Tool Implementation
    • Internal Audit Co-Sourcing
    • Internal Audit Full Outsourcing
    • Internal Audit QA Review
    • Internal Audit Transformation
    • IT Audit Services – Start up and Development Advice
    • Corporate Governance
    • Event Response
    • Financial Risk
    • Operational Risk
  • 15. Internal Audit An outsourcing provider should have the flexibility to tailor the delivery options to meet the needs of your organization in the short-term and long term. Some common outsourcing options are listed below.
    • Ad hoc consulting work and execution of internal audit projects on an “as needed” basis.
    • Examples: transformation/benchmarking, facilitation, IA training, quality assurance reviews, selected internal audits, loan of personnel.
    • Internal Audit leverages specialized skills/knowledge from outsource provider for specific projects.
    • Examples: IT, Fraud, International, Self Assessment.
    • Internal Audit partners with outsource partner to manage and execute the IA function, sharing all knowledge, proprietary tools, methodologies, and training, as well as providing substantial amount of resources on a recurring, long-term basis.
    • Internal Audit department teams with outsource partner for resources on regular, ongoing basis, generally spanning multiple years.
    • Internal Audit Director manages internal audit function and reports to CFO and Audit Committee.
    • Director is responsible for implementing the internal audit plan using outsource partner resources to execute.
    Partial Outsourcing Full In-House Limited Consulting/ Ad Hoc Projects Strategic Sourcing Specialized Skills Arrangement Co-Sourcing Full Outsourcing Single Audit Director Model Recurring Co-Sourcing Strategic Partnering
  • 16. Business Risk
    • Corporate Governance
    • Enterprise Risk Management
    • Sarbanes-Oxley
    • Self-Assessment
    • J-SOX
    • Financial Risk
    • Basel II Services
    • Credit Risk
    • Trading & Commodities Risk
    • Treasury Risk
    • Risk Technology Solutions (RTS)
    • Discoveri
    • Dynamic Policy
    • Protiviti's Governance Portal
    • Resolver Suite
    • Event Response
    • Fraud Risk Management
    • Financial Investigations
    • Litigation Consulting
    • Operations Risk
    • Capital Projects & Construction Risk
    • Finance Process Effectiveness
    • Financial Reporting Risk Services
    • Regulatory Risk Consulting
    • Revenue Risk Services
    • Spend Risk Solutions
    • Supply Chain Risk Management
  • 17. Technology Risk
  • 18. Behind the Enron Scandal
    • In March 2002, the US Justice Department indicted Arthur Andersen for obstruction of justice. Within 2 weeks, many of Andersen’s Fortune 100 Clients had announced going with another firm.
    • Protiviti launched in May, 2002 with approximately 700 ex-Arthur Andersen employees that had just lost their jobs as a result of the Enron scandal
    • In June 2002, jurors convicted Andersen for obstructing justice by destroying Enron Corp related documents
    • The conviction forced Andersen out of business, as the remaining 28,000 employees (two thirds of their workforce) were forced to lose their jobs and the firm was suspended from practicing audit
    • Three years later the Supreme Court overturned the ruling saying Andersen was convicted without proof that its shredding of documents was deliberately intended to undermine the SEC’s investigation of Enron
  • 19. The Protiviti Story
    • Protiviti’s launch in 2002 with only 700 employees was the result of an employment agreement between Robert Half International (“RHI”) and Arthur Andersen
    • Protiviti was formed as a wholly-owned subsidiary of RHI (a $3.3 billion dollar public company specializing in staffing) and today employs more than 2,200 professionals in more than 50 offices in the Americas, Asia-Pacific and Europe
    • Protiviti and the RHI divisions refer each other to clients for new business
    • RHI staffs the appropriate contractors to augment Protiviti engagement teams
    • RHI and Protiviti use the same shared services for Accounting, IT, Operations, etc.
  • 20. QUESTIONS?
  • 21. BREAK
  • 22. The Financial Statement Risk Assessment Process
  • 23. Sarbanes-Oxley Overview
    • Section 301 : Publicly traded companies are required to establish a procedure for the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.
    • Section 302 : Management must evaluate the design and operational effectiveness of its disclosure controls and procedures quarterly (disclosure controls include internal controls).
    • Section 404 : Management is required to file an internal control report with their annual report, stating –
      • Management’s responsibilities to establish and maintain adequate internal controls and procedures for financial reporting
      • Management’s conclusion on the effectiveness of these internal controls at year end
      • That the company’s public accountant has attested to and reported on management’s evaluation of internal controls over financial reporting
    • Section 906 : E xpressly imposes criminal penalties if the information contained in the periodic report does not fairly represent, in all material respects, the financial condition and results of the operations of the issuer.
  • 24. Our Approach/Methodology Components of Internal Control Reporting Process Management (SarbOx Portal TM ) Assessment Management (The Self Assessor TM ) Knowledge Management PHASE I PHASE II PHASE III PHASE IV Financial Reporting Requirements Relevant Processes Internal Control Report Process Risks Control Design Control Improvements Control Operation Entity-Level Controls Assess Current State and Identify Relevant Processes Set Foundation Project Management Knowledge Sharing Communication Continuous Improvement Document Design and Evaluate Critical Processes and Controls Design Solutions for Control Gaps Implement Solutions for Control Gaps Report Protiviti’s Approach Sarbanes Diagnostics Tools & Technology IT Controls IT Organization and Structure IT Entity-Level Control Evaluations IT Process Level Control Evaluations IT Control Considerations
  • 25. Our Approach: Detailed Project Steps
    • Organize project
    • Develop project plan
    • Agree on approach/reporting requirements
    Set Foundation
    • Perform entity-level controls assessment
    • Select financial statement elements, processes and locations
    • Documentation standards – level of depth, assertions and control objectives
    • Inventory existing control documentation
    • Testing approach
    PHASE I: Assess Current State and Identify Relevant Processes
    • Document processes
    • Source risks (what can go wrong?)
    • Document controls
    • Assess design
    • Validate operation
    PHASE II: Document Design and Evaluate Critical Processes and Controls
    • Evaluate nature of identified deficiencies
    • Decide deficiencies requiring correction
    • Design and document improvements
    PHASE III: Design Solutions for Control Gaps
    • Build improvements
    • Roll out improvements
    • Test improvements
    • Update policies and procedures
    • Provide training
    • Measure performance
    • Formulate conclusions with respect to internal controls over reliability of financial reporting
    • Provide results and documentation to external audit for attestation process
    • Conclude attestation process
    • Write internal controls report
    Report PHASE IV: Implement Solutions for Control Gaps
  • 26. FS Prioritization Process: Selecting Financial Reporting Elements
    • Factors to consider in determining key financial reporting elements:
      • Materiality of financial statement items
      • Degree of volatility of the recorded amount over time
      • Degree of subjectivity used in determining account balance
      • Susceptibility to error or omission as well as loss or fraud
      • Complexity of calculation
    • Additional factors to consider might include the following:
      • Velocity of account - the speed of transactions through the account
      • Nature and types of errors and omissions that could occur, i.e., “what can go wrong”
      • Volume, size, complexity and homogeneity of the individual transactions processed through a given account or group of accounts
      • Disclosures / footnotes in financial statements
      • Prior year external auditor management letter comments
  • 27. FS Prioritization Process: Linking Accounts to Processes
  • 28.
    • Processes
    • Revenue Processes:
    • Order Management
    • Shipping and Billing
    • Accounts Receivables and Collections
    • Allowances
    • Revenue Reserves
    • Expenditure Processes:
    • Purchasing
    • AP & Cash Disbursement
    • Asset Management
    • Amortize Prepaid and Intangible Assets
    • Manage Travel and Entertainment
    • Conversion Processes:
    • Inventory Costing & COGS
    • Inventory Reserves
    • Inventory Management
    • Financial Reporting:
    • Close Process and Consolidation
    • Financial Statement Reporting and Disclosure
    • Budgeting, Forecasting and Management Reporting
    • HR and Payroll:
    • Employee Master File Maintenance
    • Payroll and employee benefit liabilities
    • Incentive Compensation
    • Treasury:
    • Managing Cash and Investments
    • Borrowings
    • Equity:
    • Stock Compensation and Administration
    • Taxes
    • Income Tax Provisions and Compliance
    • Information Technology
    • IT General Controls
    Significance Low High Low Inventory Costing & Cost of Sales Risk High Stock Compensation & Administration Shipping and Billing Manage Travel & Entertainment Expenses Payroll& Employee Benefit Liabilities AP& Cash Disbursements Asset Management Inventory Reserves Inventory Management Purchasing Incentive Compensation FS Prioritization Process: Risk Map AR& Collections Borrowings Amortize Prepaid & Intangible Assets Managing Cash and Investments Revenue Reserves Tax Compliance IT Order Management Bad Debt Allowances Employee Master File Maintenance Close Process & Consolidation Budgeting Financial Statement Reporting & Disclosures
  • 29. The Financial Statement Risk Assessment Process “Technology Coverage”
  • 30. Our Approach: Linkage to IT Document Processes Source Risks Document Controls Assess Design Report Select Priority Elements Validate Operation
    • Select the priority accounts and disclosures
    • Consider significance to financial reporting and risk of misstatement
    • Document the transaction flows that materially impact the priority financial elements
    • Use financial reporting assertions to source “what can go wrong” within the processes
    • Document entity controls (“tone at the top”)
    • Document the controls at the source of the risk (preventive) or downstream in the process (detective)
    • Assess effectiveness of controls design at entity and process levels
    • Conclude
    • Communicate
    • Report
    • What are the controls?
    • Who owns the controls?
    • What are the risks?
    • How is the controls design rated?
    • How are the controls performing?
    The IT work builds on these steps
  • 31. Our Approach: Linkage to IT Business Processes / Classes of Transactions Business Processes / Classes of Transactions Process A Process A Process B Process B Process C Process C Financial Applications Application A Application B IT Infrastructure Services Network Operating System Database Application B Significant Accounts in Financial Statements Significant Accounts in the Financial Statements Balance Sheet Balance Sheet Income Income Statement SCFP SCFP Notes Notes Other Other Source: IT Governance Institute – IT Control Objectives for Sarbanes-Oxley, April 2004
    • IT General Controls
    • Program development
    • Program changes
    • Program operations
    • Access control
    • Control environment
    • Application Controls
    • Accuracy
    • Completeness
    • Validity
    • Authorization
    • Segregation of duties
    • etc...
  • 32. Our Approach: ITGC Scope Objectives
    • Development (SDLC) and Change Management
    • Acquire or Develop Application Software
    • Acquire Technology Infrastructure
    • Install and Test Application Software and Technology Infrastructure
    • Manage Changes
    • Access and Security
    • Ensure Systems Security (Physical, Network, Operating System, Database and Application levels)
    • Manage the Configuration Operations
    • Manage Problems and Incidents
    • Manage Data
    • Manage Operations
    • Define and Manage Service Levels
    • Manage Third-party Services
  • 33. Our Approach: ITGC Scope Applications
  • 34. Application Controls Business Processes / Classes of Transactions Business Processes / Classes of Transactions Process A Process A Process B Process B Process C Process C Financial Applications Application A Application B IT Infrastructure Services Network Operating System Database Application B Significant Accounts in Financial Statements Significant Accounts in the Financial Statements Balance Sheet Balance Sheet Income Income Statement SCFP SCFP Notes Notes Other Other Source: IT Governance Institute – IT Control Objectives for Sarbanes-Oxley, April 2004
    • IT General Controls
    • Program development
    • Program changes
    • Program operations
    • Access control
    • Control environment
    • Application Controls
    • Accuracy
    • Completeness
    • Validity
    • Authorization
    • Segregation of duties
    • etc...
  • 35. QUESTIONS?